Daily Archives: January 27, 2017

Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961 Source Ministry of Finance , 27-January, 2017 The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated… Read More »

PCIT Vs. The Totagars Co-operative Sale Society, I.T.A. No. 100069/2016, Date of order: 05.01.2017, High Court of Karnataka Issue: Whether for the purpose of Section 80P(2)(d) of the Income Tax Act,1961, a Co-operative Bank should be considered as a Co-operative Society? Held: Yes Brief Facts: The assessee filed its return of income, and claimed a… Read More »

Issue : Whether the income on account of sale of shares and Mutual funds is Long Term Capital Gain or Short Term Capital Gain or Business income ? Held Reasoning given by the AO that the impugned income would be assessable under the head income from business merely because the assessee has availed the service of… Read More »

Discontinuance of OMR Examination Application Forms with effect from May, 2017 Examination onwards – (27-01-2017) Candidates of Common Proficiency Test(CPT), Intermediate (IPC) and Final examinations, until the CA exams held in November/December 2016, had the option of: a) Buying the OMR examination application forms, from the counters of the regional offices/branches of the Institute, filling… Read More »

The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2016 is likely to be declared on Tuesday, the 31st January 2017. – (27-01-2017) The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2016 is likely to be declared on Tuesday, the 31st January 2017 around… Read More »

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